The recent surge in the price of Bitcoin to $71,000 was fueled by the news of the Ethereum ETF approval. However, the price quickly corrected to $67,000 and is now consolidating. Despite this, Bitcoin whales are showing signs of activity in the market, with a significant increase in their holdings over the past few days. This raises the question – can the returning whales push Bitcoin to a new all-time high?
Bitcoin whales, who are individuals or organizations that own substantial amounts of the cryptocurrency, have been actively buying Bitcoin once again. This is evident from the total whale holdings and a moving average tracking a 30-day percentage change in the balance. These whales have the power to influence price movements and market dynamics due to the size of their holdings. According to a CryptoQuant Quicktake post, there has been a recent surge in the monthly percentage change in whale address holdings and a steady rise in the total whale balance.
The on-chain analyst noted that the whales’ appetite for buying Bitcoin has returned strongly after a decline in buying interest since March. In March, when Bitcoin reached a new all-time high of $73,737, the whales had increased their holdings by more than 11%. However, in April, the accumulation rate steadied, with the 30-day percentage change falling to around 3% by the end of the month. The accumulation of Bitcoin seems to be picking up in May, with the monthly percentage change returning to above 5% as of May 24.
The CryptoQuant analyst stated that the whales are returning with a strong buying force once again, suggesting that the current prices are attractive for purchasing and accumulating Bitcoin, despite widespread fear in the market. If the whale accumulation of Bitcoin returns to the levels seen in March, there is a high probability of the price of Bitcoin surpassing its current all-time high. This projection is supported by the fact that the last time the whales accumulated Bitcoin at that rate, the price of the cryptocurrency reached a new high. As of now, the price of Bitcoin is hovering around $69,216, with a slight increase of 0.8% in the past 24 hours.
Overall, the increased activity of Bitcoin whales in the market paints a positive picture for the future price of Bitcoin. If the current trend continues, we may see the premier cryptocurrency reaching new heights in the near future. Investors and traders should keep a close eye on the actions of these whales, as they could provide valuable insights into the direction of the market.
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